Congrats on buying your first condo—that’s a big move, especially in a competitive market like NYC. I think both of your strategies have merit, but here’s my take based on what you’ve laid out.
Moving to a rent-stabilized apartment and renting out your condo as a mid-term rental could be a smart pivot, especially with its location near a hospital and LGA. Furnished mid-term rentals can definitely pull in higher rents, particularly with traveling nurses, corporate tenants, or relocators. But it’s crucial to double-check NYC’s rental regulations to make sure you’re in the clear. NYC laws around rentals—especially short- to mid-term—can be tricky, so you’ll want to avoid any compliance headaches.
The biggest challenge with this plan is finding a rent-stabilized apartment that makes financial sense and actually gives you breathing room. If your rent ends up being comparable to your current mortgage, it might not give you the cash flow flexibility you’re hoping for. Plus, there are upfront costs to consider, like furnishing your condo and any expenses tied to managing it as a rental.
As for refinancing, it might not be the right time with interest rates where they are. If you’re not in a rush to tap your equity, holding off until rates come down could save you money in the long run. Meanwhile, staying put and letting your equity grow naturally might be the simpler, less risky option for now.
At the end of the day, this comes down to your cash flow. If the rental income from your condo can comfortably cover your mortgage and leave you a little profit, moving out might make sense. If not, sticking with your original plan, staying in the condo, and waiting for a better refinance window could be the way to go. It’s all about running the numbers and seeing what gives you the most flexibility and growth potential. Let me know if you want to dig deeper into those details!
